Fairly quiet last week for major news, but still plenty worth mentioning. Eco Atlantic (ECO) announced the mobilisation of the Stenna Forth drillship which is now en route to Guyana. Spud of the Jethro Lobe prospect is expected on or around 26 June.
Amerisur Resources (AMER) announced approval of the farm-out agreement with Occidental relating to four exploration blocks in southern Columbia holding an estimated 448 MMBO mid-case gross prospective resources. In return for acquiring a 50% interest in each block, Occidental will fund a $93 million exploration and appraisal programme starting this year. In the meantime, AMER has increased production to over 6,800 BOPD.
Diversified Gas & Oil (DGOC) continued to announce share buy backs running at around £1 million per day. They are managing to support the price for the time being, but with no rebuttal of the allegations made against them, what happens when, as is inevitable, they run out of cash?
Anglo African Oil & Gas (AAOG) announced the "Publication of Independent Report for Tilapia Field" forgetting the contents of their RNS announcements of 29 January and 13 February. Instead of the promised 1,500 BOPD production from TLP-103, shareholders will now see zero production for the foreseeable future. Giveaway in the new report is "R1-R3 interval and Mengo Fm were successfully intersected and, given previous Tilapia field drilling, within expectations" i.e. non-commercial.
Two old dogs changed their names: Mayan Energy (MYN) to Attis Oil & Gas (AOGL) and MX Oil (MXO) to ADM Energy (ADME). Other than acquiring some more stripper wells with minuscule production, nothing really is changing at MYN/AOGL. MXO/ADME is more interesting though, with the fans there now waiting to see what new shareholder, Shaikh Ahmed Bin Dalmook Al Maktoum, intends to propose.
Baron Oil (BOIL) is coming back to life, raising £440,000 by way of a placing at 0.08p per share. The company is also working to progress further drilling activity in 2019 by bringing in a partner to Peru Block XXI. With Andrew Yeo now in an executive role, BOIL could again become interesting.
UK Oil & Gas (UKOG) announced a landmark 50,000 barrels of oil production at Horse Hill. Next up, the simultaneous HH-2/2z horizontal drilling and HH-1 Kimmeridge test campaign, which "promise to be truly exciting and potentially transformational for both Horse Hill and UKOG." I said last week that UKOG looks like it could well be due for another ramp and that now looks to be starting.
Finally, Petrel Resources (PET) announced the appointment to the Board of Riadh Hameed, who previously spent six years working for PET as a co-ordinator for its projects in Iraq. A corporate update is expected later this month and confirmation that it is re-establishing operations in Iraq, where it has an interest of 10,000 square kilometres in the lucrative Anbar Province and is the only AIM company with such, could be explosive for the share price which has drifted down from 4.25p to 1.35p over the past year. PET currently is capitalised at only £1.4 million, but has assets potentially worth a hundredfold.
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The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research. This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.